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Investors Buying Dips, Coinbase Postpones USDC APY, Tron ETP + More News

Linas Kmieliauskas
Last updated: | 4 min read
Source: a screenshot, Instagram/Coinbase

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Investments news

  • Digital asset investment products saw inflows totaling USD 42m last week, per CoinShares. “Inflows were seen across all digital assets and signals what we believe to be continued improving sentiment amongst investors and marks the 5th consecutive week of inflows,” the company said, adding that while this improved sentiment could be a seasonal  phenomenon, they “are not  seeing a commensurate rise in volumes in investment products.” This suggests that some investors are taking advantage of recent price weakness and the continued rise in altcoin popularity, CoinShares said.
MTD – month-to-date; YTD – year-to-date; AUM – assets under management. Source: CoinShares
  • Fintech company Fraction has announced it was awarded Thailand’s ICO Portal License, subject to activation approval by the Securities Exchange and Commission of Thailand (SEC) to operate an asset-backed token offering service. “Individuals and companies can now invest, sell and manage fractional ownership of anything from a small stake in a city condominium, beachfront resort or art piece through to managing a private fund, assets and investors,” they said.

Exchanges news

  • Coinbase said that they have decided not to launch the USDC APY program and discontinued the waitlist for this program with “hundreds of thousands of customers from across the country.” “We will not stop looking for ways to bring innovative, trusted programs and products to our customers,” they said, adding that the company continues its “work to seek regulatory clarity for the crypto industry as a whole.” Learn more: Coinbase vs. ‘Sketchy’ SEC Case Reminds of Crypto Regulation Challenges
  • Coinbase also announced that they are officially launching Coinbase Prime to all institutions, and with updated capabilities, stating that it has the tools and services institutions need to invest in crypto. They said they added more venues to their smart router, more assets to the custody capability, enhanced the post-trade reporting capabilities, and added to their post trade credit financing options.
  • US investigations into Binance Holdings, the parent company of crypto platform Binance, have expanded to include looking into whether Binance or its staff profited by taking advantage of its customers, Bloomberg reported. The review involves US Commodity Futures Trading Commission (CFTC) investigators, who in recent weeks have been reaching out to potential witnesses, their sources said.
  • Crypto platform said that it has expanded its total insurance coverage to USD 750m, effective September 6. This includes both direct and indirect custodian coverage for more than 10m users of the platform.
  • Major European stock exchange Deutsche Börse will list Tron (TRX) exchange-traded notes (ETNs), said the company. Global fund manager VanEck will issue a TRON ETN (VTRX), as well as Solana (SOL) and Polkadot (DOT) ETNs. Following German approval, VTRX is expected to be available in 14 EU countries, they said.
  • FTX Trading Limited, the operator of crypto exchange FTX, today announced that its Bahamian subsidiary, FTX Digital Markets, has been registered by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill aka (DARE Act). FTX Digital Markets expects to establish a substantial presence in The Bahamas, they said, while Ryan Salame, former Head of OTC at Alameda Research, FTX’s parent company, has been appointed as its CEO, responsible for leading the local initiatives.

DeFi news

  • 0xMaki, contributor to decentralized finance (DeFi) project Sushi (SUSHI) has said that he is stepping down from day-to-day operations on the platform and into an advisory role. He wrote in a blog post that he will still contribute, but will turn his attention to the broader DeFi ecosystem.
  • PNetwork, a DeFi system that allows different blockchains to communicate with each other, said it lost BTC 277 (USD 12m) after an attacker found a bug in its code. The bug has been identified and a fix proposed, they said, offering a USD 1.5m bounty to the hacker if the stolen funds are returned.

Legal news

  • Tech giant Apple is being sued for damages resulting from an allegedly fake scam crypto app available in its App Store that cost its victims over USD 5m in crypto, according to a class-action complaint. The fraudulent app was a spoof of the legitimate Toast Wallet called Toast Plus and was used to steal a victim’s seed phrase and all of the tokens in the fake wallet.

Regulation news

  • The US government is preparing an array of actions, including sanctions, to keep hackers from profiting by using crypto ransomware attacks, the Wall Street Journal reports. The threat of these attacks is “traced to Russia” and the government hopes to disrupt the digital finance infrastructure that allows them to happen, per the report.

Career news

  • Coinbase’s VP of communications, Kim Milosevich, has announced she will be departing the company at the end of the year. She has worked there since August 2020, but added that as “crypto never sleeps” she could use a break as well.